Cryptocurrencies Taxation in India The income tax department reported that the taxation system for cryptocurrency in India has been established as follows: With effect from April 2022, income generated from cryptocurrency transactions is subject to a 30% tax. No income tax deductions against any expenses whatsoever is allowed. Moreover, crypto businesses are expected to pay …
Difference between Financial Intelligence Unit (FIU) & Foreign Assets Investigation Unit (FAIU): The Financial Intelligence Unit (FIU) and the Foreign Assets Investigation Unit (FAIU) serve distinct roles in India’s financial and tax enforcement system. FIU is centered on suspicious financial transactions within the country and ensuring compliance against financial crimes. FAIU specifically deals with foreign …
FIU – IND Reporting Guide for Entities on Financial Intelligence Network 2.0 Portal FIU-IND stands for the Financial Intelligence Unit of India, the central national agency responsible for collecting intelligence related to financial transactions in India. Its primary function is to safeguard India’s financial system from the adverse impacts of money laundering, terrorist financing, and …
Indian Cryptocurrency Exchanges & FIU Notices Decoded: Indian regulators are attempting to strike a balance between innovation and financial stability while the world of cryptocurrencies is experiencing extreme volatility. Leading cryptocurrency exchanges, including Binance, have received notifications from India’s Financial Intelligence Unit (FIU) for allegedly doing illegal business through offshore companies. The action underscores the …
Overview about the Cryptocurrency Vs Digital Rupee Central Bank Digital Currency and Cryptocurrency are two distinct kinds of digital currencies that have grown in popularity in recent years. Both have distinct features and applications. It is critical to comprehend the distinctions between them. Central Bank Digital Currency is issued and maintained by a central bank …
A new way of online transaction without Bank Account – Digital Rupee What is Digital Rupee? Reserve Bank of India launched Digital rupee and it is considered as a mean to implement monetary policies to provide control growth, stability & influence inflation. Digital Rupee is a Centrally Backed Digital Currency (CBDC) which is like regular …
Basic features of newly launched Digital Rupee: Digital Rupee (eRs-R) would be in the form of a digital token that represents legal tender. above Digital Rupee would be issued in same denominations that paper currency & coins are existing issued. Digital Rupee (eRs-R) would be distributed via intermediaries ie. banks. 8 Pvt or Public sector …
What is means of Crypto currency according to Income Tax provisions ? Crypto currency and Income Tax In the introduction of Budget 2022, the government has announced taxation norms on the same. Key pointers regarding income tax implications on crypto currencies in India are as follows – Crypto currency – Meaning as per Income Tax …
The Treatment of Cryptocurrency as Goods or Services in India: Brief Introduction If you’re uninterested in the government’s debate over the topic, whether cryptocurrency be considered or termed as an asset or currency, then herein we would be discussing about a new debate which awaits. During & after GST raid on crypto exchanges that virtual currencies trade like bitcoin, …
Uniswap Scams: How to Identify and Avoid Scams Is Uniswap Safe? As part of this movement, Uniswap’s decentralised exchange has become one of the most popular platforms, offering swaps between Ethereum (ETH) and various ERC-20 tokens, as well as liquidity pools where users can earn returns by depositing tokens — all without having to entrust …